Naira depreciates as banks shift BTA/PTA rates to N419 per dollar

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Naira depreciates as banks shift BTA/PTA rates to N419 per dollar

The value of the Nigerian naira depreciated by 1.5 percent as banks shifted personal travel allowance (PTA) and business travel allowance (BTA) rates from N413 to N419 per dollar.

PTA and BTA are currency exchange schemes specifically set up for Nigerians travelling abroad for personal or business reasons. Each traveller can get up to $4000 every quarter to lessen FX disparity at parallel and official markets.

The rate, which exchanged for N413 per dollar in the few months, has added about N6, bank sources told newsmen today.

“We are surprised to see the changes too. The differences have always been kobo — but recently it has moved from N413 to 417 and within the last week and now, our portal is exchanging for N419 to a dollar,” a source said.

“Customers have no choice. So, most people do not complain about the development. It is better than the aboki (black) market rate of N570.”

At the parallel market, naira traded flat at N570 against the US dollar.

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to newsmen, quoted the naira at N567/N570 to a dollar.

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